Building a luxury brand through leather craftsmanship
When the CEO of Billion Dollar Mindset (BDM) luxury brand was asked his reason and motivation for choosing leather craftsmanship as a business, he said, “Most people are consumers and focus more on consuming while only a few go into the production, so I decided to change the narrative.” He decided to go into leather craftsmanship to produce these valuable materials for the people to have more choices and alternatives. As of the time of writing this article, the BDM luxury brand produces and sells classic and durable leather materials like footwares, bags, and belts.
Considerations before starting a luxury brand
- Location: This is the first thing to consider before going into the craftsmanship business. Your location determines the type of products you need to focus on.
- Competition: Though there are fewer competitors here as most people are consumers, thereby making products a bit scarce as more products are imported. Also, the business is unique because producers keep coming up with different styles and packages to suit the variety of choices of consumers. In the case of global recognition, as long as your product is worth the price, then it becomes easy to beat the competitors in the industry.
- Inflation: This is simply the rise and fall on the price of a particular product. Inflation torments different brands today and must never be overlooked or ignored. It is necessary to buy your tools and materials for production in bulk even when the market is not at its peak to make more profit when there is an increase in price.
- Customer Relationship: In Nigeria, there are a lot of imported goods today on the market, but your ability to convince your customers that your product is better needs to be considered as a way of enhancing productivity and income generation.
How to remain relevant and unique
In production, there are numerous challenges. Maintaining your standard is one of the steps every brand of craftsmanship should always keep in mind. Although customers may complain about the price of your products being high, since your materials are of high quality, they will always come back.
Other relevant craftsmanship to make massive profits
Apart from the leather craftsmanship, there are other profitable crafts to earn massively today. One of them is Clothing Brands, which involves native wares, suits, shirts, and pants. You can as well merge them, but it is vital to focus on a particular niche for a start and expand in the future, making sure to be unique.
How much capital is required for starting a leather craftsmanship
Before the capital, get the skill and knowledge for an effective service. Without the skill and proper knowledge, you may likely fail in the long run; otherwise, you have to employ staff to do the job for you. Getting the skills varies depending on individual differences and capacity, but six months is enough to get yourself the basics.
There are two most expensive tools for the production, which are the sowing machine and filling machine. They are the primary tools, followed by the shoe last, hammer, scissors, and others that are less expensive. To start up your leather craftsmanship brand at home will cost you #500,000. while getting a store will cost more depending on individual preference and location.
Tools and Materials
Apart from the sowing machine and the filing machine, you need to get about three scissors, hammers, punches, and cylinders for gumming. Also the shoe that looks like the human leg and is used for shoe making. Shoe last is one of the primary tools in shoe making, as you can’t make footwares without them when the customer is not present. It comes in different sizes, but experts can use one last to make different sizes of footwear, thereby reducing the cost of buying more shoe laces.
How to get initiative and advance creativity
Creativity is a natural thing, but following up brands that are globally recognized (Gucci, Fendi, etc.) can go a long way to widen your creativity level. You don’t have to copy them; be unique. Also, don’t be afraid to try new styles and ways in your production, as there are customers willing to patronize.
Sourcing for materials/tools
The best place to get your materials is in Lagos, as there are unlimited materials. You can equally get from Onitsha and Aba. The prices remain different in each market depending on your location. If you are starting small, always buy from the areas close to you in order to cut down expenses and maintain budget.
How profitable is a luxury brand?
Every business is profitable depending on the person managing it. A luxury brand is a business of numbers and respects big numbers a lot. When there is mass production, the brand makes a big profit and a vase. If a brand wants to engage in mass production, then they should buy the materials in bulk; meanwhile, the higher the quantity of materials, the lower the cost for purchase, giving the brand more profit after sales. One sweet thing about leather craftsmanship brands is its ability to maintain your capital. It does not take away your capital but instead may take away your profit unless your materials are fake and unreliable.
Branding and marketing
Branding is all about the owner’s choice of product. Using a label or metal tag is a good idea for branding. Overpackaging should not be done. As long as the business is moving, branding continues as you grow. Pay more attention to the trends in the industry. Build a portfolio online for your marketing. Make use of TikTok, Facebook ads, Twitter, and Instagram for promotions. The algorithm on TikTok helps to take your posts far and secure customers.
Offline marketing generates less than 50% of customers, while online is higher. More attention should be given to both offline and online marketing. One primary goal of a physical store or shop is to build trust for the online customer and also for easy access.
Mistakes and Challenges
- Don’t start a luxury brand hoping that your friends and family will patronize you.
- Don’t start without getting the proper skill and knowledge; otherwise, you may end up frustrated.
- Learn to manage orders: If orders are not properly managed, it could lead to a brand using their capital to complete the operation without profit at the end just to satisfy customers.
- Lack of creativity: Brands with a team of low- or mentally limited producers may find it hard to be recognized.
- Poor Materials: Potential customers won’t come back if your products are fake or out of fashion.
Note: You must be willing to welcome stress.
